Why It Matters
The sale of surplus and used oilfield equipment may involve multiple jurisdictions, counterparties and end users. Sanctions, export controls and other trade restrictions can apply depending on the parties involved, the equipment, its destination and its intended use.
Screening helps identify potential concerns early and determine whether further information or specialist advice is required before a transaction proceeds.
What We Screen
Depending on the transaction, our checks may include:
- The identity of the buyer, seller and other relevant parties
- Company registration and available ownership information
- Relevant sanctions and restricted-party lists
- The proposed destination, end user and intended use of the equipment
- Whether the transaction information is complete and internally consistent
- Payment details that do not correspond with the parties or jurisdictions disclosed
The scope of screening may vary according to the value, destination, equipment type and risk profile of the proposed transaction.
What We Ask Sellers For
Sellers may be asked to provide:
- Accurate equipment descriptions, specifications and supporting documentation
- Ownership information or evidence of their authority to sell the equipment
- Any known export classification, licensing history or restrictions, where applicable
- Prompt disclosure of any known issue that could affect the proposed sale or export
What We Ask Buyers For
Buyers may be asked to provide:
- Company registration details and a verifiable business address
- Information about the intended use, destination and end user of the equipment
- Details of any intermediary or receiving company involved in the transaction
- Additional supporting documents where the value, destination or risk profile requires further review
If a Concern Is Identified
A screening result does not always establish that a restriction applies. It may identify a possible match, missing information or an inconsistency that requires clarification.
In such cases, the transaction may be paused while additional information is reviewed. WELLENGI may decline to facilitate a transaction where concerns cannot be resolved or where proceeding would be inconsistent with applicable requirements or our internal policies. Where necessary, we may seek independent legal or compliance advice.
This page provides a general overview of WELLENGI's screening approach. It does not constitute legal advice, guarantee regulatory approval or replace the compliance procedures of the buyer or seller. Each party remains responsible for complying with the laws, sanctions, export controls, licensing requirements and other regulations applicable to its activities and the proposed transaction.